Pakistan’s Foreign Exchange Reserves Rise By $16m To 7.7b – SBP

Reserves held by the SBP increase by 0.2% on a weekly basis

  • Financial assistance from countries like UAE, Saudi Arabia, and other nations have helped Pakistan to increase the foreign exchange reserves.
  • Overall Pakistan has $14,992.9 million reserves including liquid foreign currency and net reserves held by the central bank.

foreign exchange

State bank of Pakistan released a report on Thursday, the foreign exchange reserves held by the bank has increased 0.21pc on a weekly basis.

Earlier, the reserves had escalated downwards and were falling below the mark of $7 billion. Pakistan was facing problems to meet its financial requirements.

However, financial assistance from countries like UAE, Saudi Arabia, and other nations have helped Pakistan to increase the foreign exchange reserves.

On October 4, foreign reserves of the State bank of Pakistan were increased to 16 million. Foreign reserves increase to 7,757.6 million as compared with 7,741.6 million in the previous week.

Overall Reserves

Overall Pakistan has $14,992.9 million reserves including liquid foreign currency and net reserves held by the central bank. Moreover, net reserves held by the SBP are worth $7,235.3 million.

Reserves of Pakistan strengthen after the country received the first installment of 991.4 million from IMF on July 9. Before that, reserves had jumped to $2.5 billion after receiving inflows from China.

Over time, rupee depreciates immensely due to declining reserves. It had sparked concern over Pakistan’s ability to finance import bills, meet debt responsibilities in the coming months.

Factors Contributed  

The SBP’s reserves increased $593 million in April last year due to official invasions. A few months back, the reserves surged due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.

Coalition Support Fund also granted $350 million to the central bank.

In January last year, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.


Also See: As Rupee Moves Towards Stability, Experts Believe Inflation Will Soon Fall To One Digit

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